All articles by Meghna Mukerjee
Meghna Mukerjee
M&S Bank to open 12 additional bank branches in Q4
M&S Bank, the banking unit of UK based high street retailer Marks and Spencer (M&S), is planning to open 12 additional bank branches by the end of 2012, bringing the total number of units planned for this year to 28. M&S launched its first bank branch in July 2012 and the retailer has opened 13 branches so far that offer banking services seven days a week. The bank had previously announced its intentions to launch a network of 50 bank branches by the end of 2013, mostly at its retail store location.
Citi Korea launches ATMs for wheelchair users
Citibank Korea has launched new ATMs for wheelchair users that will first be installed and operated in three Citi branches in Seoul. The new ATMs are in line with the Koreas CDATM Standards for Persons with Disabilities. According to Citi Korea, the first three ATMs will serve as part of a pilot test to see what further improvements can be made. The installment of these ATMs will gradually be extended to more branches so that all Citibank ATM users will have no difficulty using the banks services.
Amex integrates with Apple’s Passbook
American Express (Amex) has integrated with the Apple Passbook mobile wallet application with the aim to enable cardholders to view transactions on their iPhones and get local business reviews. As part of a new feature for the recently released Apple mobile operating system iOS 6, AmEx credit cards will, reportedly, be fully integrated with Apple Passbook. The Apple Passbook is designed to be used as a mobile wallet, where users can store and access the information they have regarding the likes of credit card purchases, flight information, coupons, and tickets.
NBAD adds ‘One Time Password’ service for online shoppers
The United Arab Emirates second-largest bank by assets, National Bank of Abu Dhabi (NBAD), has launched One Time Password (OTP) a security service that sends cardholders a dynamic code via SMS for each online purchase with the aim to further increase safety measures against possible fraud. NBADs OTP is a six-digit code, which adds a second-level of authentication each time NBAD cardholders perform an online shopping transaction. Navneet Dave, head of cards at NBAD, said the lender is the first bank to implement an OTP for online shopping.
Syndicate Bank to launch online deposits product
Syndicate Bank in India is planning to launch e-Term Deposit a product to enable customers to transfer balance from a savings account to a fixed deposit online. Syndicate Bank customers will need an internet banking registration to be able to use e-Term Deposit. The online product, which is due to be launched by the end of September, is in line with the slew of new customer-friendly products that Syndicate Bank plans to offer, according to the lenders executive director, Anjaneya Prasad. Syndicate Bank also plans to launch a gold debit card that will allow customers to withdraw up to INR100,000 ($1,886) from an ATM, while currently the upper limit on the debit cards is INR15,000.
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Citi US offers electronic ATM receipts
Citibank (Citi) has added a new paperless solution to its ATMs in the US, giving customers the option of getting electronic ATM receipts delivered to a designated personal email account. Introduction of the new electronic receipts are in line with Citibanks aim to simplify the banking experience for customers and reduce carbon footprint. This new electronic receipts option is currently available on all Citi branch ATMs across the US.
First Bank of Nigeria launches FirstMonie service
First Bank of Nigeria (FirstBank) has launched its mobile money service, FirstMonie, with the aim of increasing local money transfer services. Customers using FirstMonie services will use their mobile phone number as the account number and registration for the service is free. The new service goes with the slogan FirstMonie is the new money. The operating platform for FirstMonie is powered Fundamo, a mobile financial services solutions provider Visa acquired in June 2011. With FirstMonie, FirstBank customers and anyone in Nigeria with a mobile phone will be allowed to send money, pay bills, deposit and withdraw cash, top up their phone airtime, without visiting a bank branch.
Citi opens first smart branch in India
Citibank (Citi) has opened its first smart banking branch in India offering facilities such as screens to view product demonstrations, a media wall to display information, touch and video conferencing facilities among others. Citis smart banking branch launched in Noida just outside of Indias capital city New Delhi offers services covering general banking, loans, credit cards and wealth management. Country business manager, global consumer group, Citi India, Anand Selvakesari, said the introduction of smart banking branches underlines the lenders continued investment in technology and commitment to customer-centric innovation.
Poland’s BPH to install finger vein biometric scanners at branches
Polands 11th largest bank by assets, BPH, has plans of installing finger vein biometric scanners across its branch network with the aim to provide customers with secure money transactions services without the need for PIN entry. The technology for the finger vein biometric scanners is being supplied by Hitachi Europe, and BHP has been running pilot trials of the technology since June. The palm-size scanners use infrared light to capture the unique pattern of veins in a persons finger. The pattern is stored and used to verify the customers identity on the next occasion they use the device.
Oracle launches new core banking platform
IT solutions vendor Oracle has launched a new banking platform, developed with National Australia Bank (NAB), which customers of NABs direct banking subsidiary UBank have migrated to earlier in 2012 and now the platform is being offered to other lenders. In 2008, NAB deployed Oracles flagship i-flex core system but as the project evolved a new platform emerged and so far only UBank is live with the platform. The Oracle Banking Platform is initially being targeted at banks in Australia, New Zealand, Canada and the US seeking to replace their legacy banking platforms.